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Posts Tagged ‘EZ tax credits’
Friday, February 17th, 2012 | Enterprise Zones, Legislation, Tax News
Assemblyman Louis Alejo, who has been a big supporter of the EZ program over the last few years, has introduced a new bill, AB 484, to address the operation of expiring zones. Assemblyman Alejo’s district includes Watsonville which is set to expire. HCD has indicated that it will not be renewing expiring zones or designating new ones for now. Alejo’s bill seeks to extend the expiring zones until new zones are designated.
Tags: CAEZ, california enterprise zone, Enterprise Zone, Enterprise Zone Program, Enterprise Zone Tax Credits, Enterprise Zones, EZ tax credits, hiring tax credit, hiring tax credits, Louis Alejo, tax credits, tax professionals, Watsonville Posted in No Comments »
Wednesday, February 1st, 2012 | Enterprise Zones, Legislation, Tax News
The California Supreme Court has scheduled oral argument in the Dicon case for Tuesday, March 6, 2012 at 9:00 a.m. in San Francisco.
Tags: california enterprise zone, california tax law, california tax news, Enterprise Zone, enterprise zone news, Enterprise Zone Tax Credits, Enterprise Zones, EZ tax credits, hiring tax credit, hiring tax credits, Tax News Posted in No Comments »
Thursday, January 5th, 2012 | Enterprise Zones, Legislation, Tax News
Brown’s budget released today only hints at future reform measures to the Enterprise Zone program. Perhaps after getting rid of RDAs, the unions are a bit gunshy about outwardly attempting getting rid of another vehicle that has anything to do with jobs while the economy struggles. Here is what the budget said about Enterprise Zones:
“The resulting stability from a balanced budget will give businesses the certainty and the reassurance they need to invest in California. In addition, the Administration will propose legislation to reform the enterprise zone program and move to a mandatory single sales factor for apportioning multistate business income. Such changes will allow the state to afford investments in manufacturing, business incentives, and other tax relief.”
Tags: california enterprise zone, california tax law, california tax news, enterprise zone news, Enterprise Zone Tax Credits, Enterprise Zones, EZ tax credits, governor, hiring tax credit, hiring tax credits, Tax News Posted in No Comments »
Thursday, January 5th, 2012 | Enterprise Zones, Legislation, Tax News
From the Sacramento Bee:
Gov. Jerry Brown will release his budget today at 2:30 p.m. after his administration mistakenly posted the document on the Department of Finance website.
The projected budget deficit is $9.2 billion through June 2013, according to sources who have seen the document.
The Democratic governor was scheduled to release the budget on Tuesday and dismissed reporters’ questions this morning about his plan, saying he wanted to be sure the media would show up for next week’s release.
The budget announcement will be streamed online live at his website.
Tags: CAEZ, california enterprise zone, california tax law, Enterprise Zone, enterprise zone news, Enterprise Zone Program, EZ tax credits Posted in No Comments »
Thursday, December 1st, 2011 | Enterprise Zones, Tax News
Effective November 8, 2011, the SBVEC has expanded by about 4 square miles. Read the full story.
Tags: C & I Tax, california enterprise zone, california tax law, Enterprise Zone, enterprise zone news, Enterprise Zone Tax Credits, Enterprise Zones, EZ tax credits, hiring credits, hiring tax credit, hiring tax credits, inland empire, san bernardino, Tax News Posted in No Comments »
Wednesday, August 24th, 2011 | Enterprise Zones, Tax News
In today’s Daily Journal:
A bill intended to close a loophole in existing law that lets companies relocate to another city within the state to gain lucrative tax credits failed to pass out of a legislative committee yesterday.
Assembly Bill 1278, authored by Assemblyman Jerry Hill, D-San Mateo, was inspired by a company, VWR International, that is ditching Brisbane to relocate to an enterprise zone in the city of Visalia.
But Hill failed to get the four votes needed to move the bill past the committee stage.
“The bill was not supported by the chair. I thought I could do it now and was looking for one Republican to support it,” Hill said.
The state Assembly Committee on Jobs, Economic Development, and the Economy is chaired by Manuel Perez, D-Coachella. Perez’s Assembly District includes Imperial County, which officially opposed Hill’s legislation.
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Perez’s 80th Assembly District covers all of Imperial County and parts of Riverside County and the area’s high jobless figures prompted him to vote against Hill’s bill.
“Coming from a community with unemployment over 20 percent and that has historically suffered from a lack of private investment and jobs, I’m always concerned about the impacts of business closures on families and communities. My vote today does not reflect my lack of concern about this issue but rather the importance of pushing for a broader enterprise zone reform agenda,” Perez wrote to the Daily Journal in an email.
AB 1278 represented a piecemeal approach, which Perez believes would undermine efforts to reform the enterprise zone program.
“I initiated the reform conversation more than a year ago and the negotiation includes a number of issues such as business relocation and the tighter targeting of business incentives. Some of the reform proposals are in my bills, AB 231 and AB 1411. I hope my actions today will induce labor and business to come back to the table,” he continued in the email.
Tags: AB 1278, CAEZ, california enterprise zone, enterprise zone news, Enterprise Zone Tax Credits, Enterprise Zones, EZ tax credits, hiring credits, hiring tax credit, hiring tax credits, imperial valley, Tax News, V. Manuel Pérez Posted in No Comments »
Monday, June 27th, 2011 | Enterprise Zones, Tax News
The key words are “majority vote” which mean that Brown was unable to garner the two thirds vote necessary to eliminate or “reform” the EZ program out of existence. The following is from the Sacramento Bee:
Gov. Jerry Brown and Democratic legislative leaders announced today that they have reached an agreement on a new majority-vote budget plan.
“We’ve had some tough discussions, but I can tell you that the Democrats in both the Senate and the Assembly have now joined with the administration and myself and we have a very good plan going forward with the budget,” Brown said at a press conference in his office this afternoon.
The proposal, outlined in this post, assumes that the state will bring in an additional $4 billion in revenues in the upcoming fiscal year, based in part on higher-than-expected revenue figures in recent months. If those revenues fail to materialize, steeper cuts to programs including K-12 schools, higher education, public safety programs and In-Home Supportive Services would occur later in the year.
“We have severe trigger cuts that will be triggered and go into effect (without the projected revenues),” Brown said. “And those are real.”
Tags: Brown, CAEZ, california enterprise zone, california tax news, enterprise zone news, Enterprise Zone Program, Enterprise Zone Tax Credits, EZ elimination, EZ tax credits, governor, hiring credits, hiring tax credit, Majority Vote, Tax News, two-thirds Posted in No Comments »
Monday, June 27th, 2011 | Enterprise Zones, Tax News
The California Legislature’s zeal for job creation is, shall we say, less than stellar. The consequences are obvious. They are also highlighted in this Sacramento Bee piece from Sunday.
Texas’ unemployment rate was 8 percent, two-thirds of California’s jobless rate, and its seasonally adjusted year-to-year job growth was a robust 2 percent (2.7 percent in private employment).
“We’ve added 92,300 jobs in Texas so far in 2011,” said TWC Commissioner Ronny Congleton. “That is a trend that we hope to continue until all Texans have good jobs earning good wages.”
Texas had fewer than a million unemployed workers in May while California had more than 2 million. Texas’ jobless rate was under the national average, while California’s was the second highest in the nation. Texas has accounted for nearly half of the nation’s job creation since 2009.
“Growth in the Texas economy is gaining steam,” says a recent analysis by the Federal Reserve Bank of Dallas. Clearly, Texas and other states are emerging from recession while California’s recovery, if it exists, is decidedly weak, as several new economic reports note.
It means that millions of jobless workers and their families struggle to keep roofs over their heads and food on their tables.
It means that the state is paying out $600 million a month in unemployment insurance and its jobless benefit fund is already $11 billion in the red.
It means that state and local officials struggle with budget deficits and are slashing education, social and health services, police and fire protection.
California politicians are very defensive – even dismissive – about comparisons with Texas, but the economic differentials between the two states are too stark to ignore.
However they deal with the deficit-ridden state budget in the short term, Gov. Jerry Brown and legislators should move economic competitiveness to the top of their agenda.
Enterprise Zone supporters have long made the claim that the EZ program lowers the amount of unemployment claims the state has to pay by far more than the Program pays out. California legislators can pay heed, or they can continue to ignore those states that do….and the consequences will be again be obvious.
Tags: CAEZ, california enterprise zone, enterprise zone news, Enterprise Zone Program, Enterprise Zone Tax Credits, EZ tax credits, hiring tax credit, hiring tax credits, Tax News, Texas, unemployment benefits Posted in No Comments »
Thursday, June 2nd, 2011 | Enterprise Zones, Tax News
So says Republican Assemblyman Allan Mansoor. He calls the governor’s proposal to eliminate Enterprise Zones a breach of contract.
Read his letter.
Tags: Allan Mansoor, Enterprise Zone Program, Enterprise Zone Tax Credits, Enterprise Zones, EZ tax credits, hiring tax credit, hiring tax credits, Tax News Posted in No Comments »
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